Iran And India Sign Port Deal, Other Economic Agreements
Source: ASSOCIATED PRESS
Monday, May 23, 2016 12:30 pm | Updated: 3:04 pm, Mon May 23, 2016.
Associated Press |
TEHRAN, Iran (AP) — India said Monday it will invest up to $500 million in a deal to develop a strategic port in Iran and both countries planned a number of projects they say are worth hundreds of millions of dollars.
The deal and plans were announced during a visit by Indian Prime Minister Narendra Modi, the first such trip in more than a decade.
In a ceremony marking the agreements, Modi said the bilateral agreement to develop Chabahar, in southern Iran, and the "availability of about $500 million from India for this purpose is an important milestone," in relations between the two countries.
President Hassan Rouhani said working on the port can be a "great symbol" of cooperation between Iran and India. He said Iran's energy resources and Indian mines can pave ground for cooperation in the aluminum, steel and petrochemical industries.
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